Known drop forging machines or high-speed hammer precision forging machines are disclosed in U.S. Pat. Nos. 3,246,502 and 3,945,237. In these known structures, a slug or blank having a given length is inserted into the swage portions and is worked so that the work-piece is finish-forged when leaving the swage. The forming areas of the swage portions when viewed in the direction of their longitudinal axis are constructed and arranged in such a way that they correspond in each case to the form of the work-piece to be produced. This is true even to form partial forming areas. The slug is supplied from one side of the swage and the finished forged piece is removed from the same side or after it has completely passed through the swage from along the longitudinal axis thereof.
A disadvantage of this method of operation is that in order to hold and guide the work-piece in a satisfactory manner, excess areas of material must exist on the work-pieces so that the work-piece can be grasped with tongs or other suitable grasping device. The end of the work-piece which has been grasped by tongs cannot be forged.